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Apple Inc. Message Board

  • getintoh20 getintoh20 Apr 10, 2013 9:24 AM Flag

    Wells Fargo pt $600 for apple

    Wells Fargo today maintained an Outperform rating on Apple (NASDAQ: AAPL) with a price target of $600-$630. Analyst Maynard Um said he still has confidence in Apple's ability to create innovative products, and while he sees risks heading into FQ2, lower expectations may already be reflected in the stock.

    "We believe there is potentially some risk to our FQ2 estimates of $43.6Bn/$11.02 (Street: $42.7Bn/$10.10) as we expect iPhone sales to come in below our 38.7MM unit estimate. However, we believe this, as well as concern around June qtr guidance, is already expected by investors," said Um.

    Overall Wells Fargo thinks spring is around the corner for the stock as the company goes up against easier comparison and lower expectations.

    "We believe sentiment should improve post-earnings into a new iPhone launch, improving gross margins particularly with easing yr/yr compares in the back half and, with any luck, reset Street estimates," added the analyst.

 
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